Several other research analysts also recently weighed in on the company. Longbow Research downgraded Reliance Steel & Aluminum from a neutral rating to an underperform rating and set a $76.00 target price on the stock. in a research note on Thursday, April 18th. Cowen set a $100.00 target price on Reliance Steel & Aluminum and gave the company a buy rating in a research note on Wednesday, June 26th. Citigroup set a $98.00 target price on Reliance Steel & Aluminum and gave the company a hold rating in a research note on Monday, May 20th. Jefferies Financial Group downgraded Reliance Steel & Aluminum from a buy rating to a hold rating and lowered their target price for the company from $105.00 to $100.00 in a research note on Friday, April 26th. Finally, Bank of America set a $77.00 target price on Zscaler and gave the company a neutral rating in a research note on Friday, May 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum presently has an average rating of Hold and an average price target of $98.89.
Shares of RS stock opened at $103.00 on Friday. The company has a 50 day moving average of $91.83. Reliance Steel & Aluminum has a twelve month low of $68.62 and a twelve month high of $105.25. The stock has a market cap of $6.93 billion, a P/E ratio of 11.52, a P/E/G ratio of 1.27 and a beta of 1.31. The company has a quick ratio of 1.85, a current ratio of 4.42 and a debt-to-equity ratio of 0.42.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.14%. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.
In other news, VP Jeffrey Wayne Durham sold 2,675 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $92.29, for a total value of $246,875.75. Following the completion of the sale, the vice president now directly owns 8,255 shares of the company’s stock, valued at approximately $761,853.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen Paul Koch sold 11,333 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $91.62, for a total value of $1,038,329.46. Following the completion of the sale, the vice president now directly owns 22,187 shares of the company’s stock, valued at $2,032,772.94. The disclosure for this sale can be found here. Insiders sold a total of 39,008 shares of company stock valued at $3,580,455 over the last three months. Insiders own 3.43% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC lifted its holdings in shares of Reliance Steel & Aluminum by 982.9% in the 4th quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock valued at $32,000 after buying an additional 403 shares during the period. Quadrant Capital Group LLC raised its holdings in Reliance Steel & Aluminum by 279.1% during the first quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 321 shares during the last quarter. Parallel Advisors LLC raised its holdings in Reliance Steel & Aluminum by 166.0% during the first quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 332 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Reliance Steel & Aluminum during the second quarter worth $53,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Reliance Steel & Aluminum during the first quarter worth $60,000. 81.76% of the stock is owned by institutional investors and hedge funds.
About Reliance Steel & Aluminum
Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.
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